Research from confused.com has shown that a large number of British savers are too scared to change ISA, as they are worried they will make a mistake in the process of moving providers.
Confused.com, who are one of the biggest comparison websites in the UK, conducted research into the reasons people would move to a new product, and found that 48% of savers said that existing low rates were not enough of a reason to switch product.
31% of those surveyed in Northern Ireland were worried that they may make a mistake while switching their money across providers and this was the reason they didn’t go shopping for a better deal.
Head of savings at the company, Chris Griffiths said, “You should really try to evaluate how competitive your ISA is at least once a year to ensure you’re getting the best return from your tax-free savings.”
He also urged customers to get online to search for the best deal to suit their own personal needs, and to not be afraid to switch providers each year in search of a better deal.
He also pointed out that often online savings accounts provide a better rate as the providers have to spend less money providing customer service for them.
The survey found that despite the market being full of introductory rates and better deals for new customers, 65% of customers had never moved their ISA.
He urged consumers to search for the best deal for their needs and advised that accounts allowing money to be managed online can sometimes provide a better rate.